Cattle futures could continue sliding from all-time highs the commodity notched earlier this month, according to analysts.
Cattlenetwork.com reports a larger number of heavier cattle will influence a widening amount of supplies. Spring typically sees the market for cattle futures slip about .05 cents to summer lows, according to analyst Dan Vaught, who predicted summer prices for cattle futures will range from $1.12 per pound to $1.15 per pound.
"It's not so much the increase in feedlot placements that's bearish for prices, but the number of fed cattle likely to be exiting feedlots through spring and early summer," Vaught told the publication.
On Thursday, cattle futures closed down 1.09 percent, a 0.01275 cent reduction to $1.15225 per pound. Hog futures slipped 1.33 percent, a 0.0135 cent drop to $1.0005 per pound.
"From a seasonal standpoint I think we are going to see domestic beef demand slow once we get past Memorial Day, while at the same time we will see more fed cattle available for slaughter," according to Troy Vetterkind, owner of Vetterkind Cattle Brokerage.
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